Legal cannabis is the fastest growing industry in the United States.
Governments, entrepreneurs, and people everywhere are beginning to acknowledge that the potential of the cannabis industry is too great to ignore. Its outdated, unsubstantiated stigma is quickly being replaced by legitimate research, supportive laws, and market demand that has surpassed expectations.
Medical Marijuana Inc has been a leader in bringing this promising industry to its current state, and will continue to support its rapid growth. If you’re still uncertain about the future of the legal cannabis industry, check out some of the facts and statistics below.
The current value of the legal marijuana market, which grew 74% in 2014. In 2015 the legal marijuana market is projected to grow by another 32%.
The projected value of US retail sales resulting from full legalization. This represents a 1,262% increase over 2014 wholesale and retail sales.
States that have already legalized medical marijuana. 11 more have pending legislation in 2015.
of clinicians polled worldwide by the New England Journal of Medicine believe that the medicinal benefits outweigh the risks and potential harms. Within the next 5 years, the legal cannabis industry is expected to out earn the US film industry, the organic foods industry, and more than triple the revenues of the NFL.
17 million people already live in states where recreational marijuana is legal. Based on legalization projections, this number is expected to increase to 86 million – over 25% of the US population – by 2017.
According to a Gallup Poll, 58% of Americans now support legalization, an increase of 17% since 2010. Only 40% now oppose the legalization of marijuana.
Within the next 5 years, the legal cannabis industry is expected to out earn the US film industry, the organic foods industry, and more than triple the revenues of the NFL.
The US imports $620M in hemp products each year. With the passing of the 2014 Farm Bill, Americans can grow limited quantities of hemp for the first time in 77 years.
Politicians of both parties, including the Koch Brothers, Rick Perry, Kofi Annan, Jeb Bush, Barack Obama and Nancy Pelosi support marijuana law reform.
Key Industry Facts
While THC is the well-publicized “high” inducing compound in cannabis, there are several dozen other unique compounds, called cannabinoids, with promising effects. Cannabidiol, or CBD, does not cause the “high” of THC, and studies show it may have many medical benefits. Naturally occurring hemp is relatively high in CBD, with low THC levels. More research is needed to better understand the potential of the other 60+ cannabinoids. Evidence also shows that these compounds are synergistic, working together to have greater effects.
CBD (cannabidiol) is classified by the National Institutes of Health as an antioxidant and neuroprotectant. US patent number 6,630,507, entitled “Cannabinoids as antioxidants and neuroprotectants” specifically describes the therapeutic properties of cannabidiol, listing over a dozen serious medical conditions that could be treated with the therapeutic use of CBD.
While it is still illegal to grow cannabis in the United States under most circumstances, and THC is a schedule 1 drug, hemp oil products have been legally imported to the US for decades. Starting with hemp and importing CBD-focused products allows us to legally serve a large market today, and lays the foundation for broader cannabis legalization. We are excited about the progression of the legal landscape in the cannabis industry.
2003 – NIH Patent Published
This patent, owned by the National Institutes of Health, describes the therapeutic properties of CBD.
2004 – HIA vs. DEA Decision
The result of this case reaffirmed the legality of hemp product imports.
2009 – Medical Marijuana Inc. Founded
Medical Marijuana Inc. becomes the first publicly traded hemp company.
2010 – First CBD Products
Medical Marijuana Inc. subsidiary sells the first legal CBD products in the United States.
2014 – “Farm Bill” Passed
The US Government passes the “Farm Bill”, which permits hemp agriculture for research purposes.
Current Legal States
Today 23 states have legalized medical marijuana, and 11 more have upcoming legislation.